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leaders. there is so much criticism nationally about how government cannot put together any kind of infrastructure plans or highway plans, etc. guess what, business does it really well, so why not manage company money with the oversight. a lot of people coming together with big ideas. john mccain, senator from arizona talking to us right here about real ideas. he tells us exactly what is going on as it pertains to how we get the country back in order. plus, very first u.s. ambassador to iraq, a lot of businesses who wanted to jump right in to help rebuild iraq because it can make them a lot of money. how has that come along.
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ashley: we look forward to it. the cme group, the nymex. let's begin, thank you for joining us at the nyse. look, the initial economic data was pretty miserable, but the market is not really responding. >> clearly nobody's paying attention to the u.s., it is all about china, the additional stimulus and all of that. traders really have found this market to be quite oversold taking the opportunity to ride on the back of good headlines because that is all that is driving us is headlines. make some money. i think they're taking a little bit of money off the table at the end of the day. ashley: are we due for a correction anytime soon? >> you're hearing a lot for people talking about corrections
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for what people would normally expect after a run-up like this if you are going to have a correction. some pundits say as much as 25% would not surprise them. a lot of negative stuff. ashley: todd, you see the market is a little as well. >> we're up against a great resistance level, 1449 s. and p. you have to make sure you protect yourself because i do believe a correction is on the horizon. based on the fed says, nobody cares about gdp, all we care about is the fact the fed will help us, the fed is not helping the average american, instead helping the banks. we have to watch out what we have, we are really in a big bubble.
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they fall, and probably up to 8%. ashley: the market moving higher on spain, i say so what, greece has a budget, we know what happened there. >> exactly. i think it has nothing to do, the market had five days in a row of down and a little bones. ashley: bring in now at the nymex. no gold is at a seven-month high, but a lot of talk about silver. >> i think silver is going to follow the gold market. i guess it is the same sort of trade. have you seen was going on with the oil market today? we saw oil rally back up $2 after being down the last couple of weeks, we have some comment that came out from netanyahu. we have really strong gasoline
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prices, think this is something people should look at. ashley: thank you very much for joining us, appreciate it. it's been release being release3 budget today, lot of fanfare causing a rally and the euro to push higher. our investor fears over europe diminished? td ameritrade senior vice president joins us now for the last hour of trading and the fox business exclusive. thank you for being here. i judge you are not buying it either. they come out with a budget not putting aside the debt crisis. >> we have seen this movie a couple of times before. in looking at some of the surveys we do t due to our inve, 5.6 million funded accounts with retail investors, it is not really something they indicate is that big of a concern to them.
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the larger concern is the economic situation here. oddly enough the federal deficit. ashley: it is interesting because a lot of the economic data, durable goods, we did not see a big selloff on the market at all. people not excited about stimulus in china and the budget. >> i would say those are probably shorter-term things. when people think about their investment career, they think on a longer-term and the things that will really affect that, they are not overseas, they are here. ashley: what about the fed and twqe3, is that just a short-term fix? >> all of our investors are self-directed making their own directions, bu but i'm not envisioning a scenario where we will see a drop some of your previous guests have mentioned.
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if we were to see that, we would have seen it with the vix. ashley: was the biggest trend you're seeing with investors right now? >> i think one of the trend is we are seeing in our world, a secular trend across industry, people keep talking about declining equity volumes and declining since 2008 but what they are missing is the derivatives volume steadily increasing up about 19% year-over-year. that is reflected in what we call the composition of all of our trades as well, 37% derivatives now. i think that is a portion of the market which people are not looking at the growing quite rapidly, significantly so. ashley: you will be back, thank you very much. the closing bell ringing in 52 minutes or thereabouts.
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after the break we go back to the concordia summit where liz claman will be talking to senator john mccain. don't miss it, we will be right back. look, if you have copd like me,
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ashley: the power mover of the hour, she is a mattress company soaring today after announcing plans to purchase rival company. the deal worth 230 million in cash plus three quarters of a billion in debt. although the shares are down over 41%, the one-year chart up 13.5% on the day. nicole petallides on the floor of the nyse, although we are off session highs still up 82. >nicole: the financials are doig very well. looking at discover financial
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and they're coming out with their numbers, basically the economy is improving. fewer borrowers are defaulting on their loans, on the debt. seeing more transactions, confidence has been improving for americans so they have been using their cards a little more. and paying it off. that is the environment we are in. nolast but not least, may deal with paypal, so that will add to their future transactions. for today a great day. ashley: ashley:.i. talking to john mccain about the biggest headwind facing the usa today. liz: can you imagine voting for
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this interview. wait until you listen come back here what he had to say. not just how we get rid of tax abductions, but all of them except two. but also which industries are mature enough that we should rip the rug out from underneath them and stop giving him all kinds of tax breaks. speaking very candidly with me. i first asked about different kinds of government strategies where government works best with this, here' here is what senator mccain had to say. >> you're picking winners and losers, and obvious in the case of solyndra and many others, we have picked losers. but there are so many technologies that have been developed is gps, the internet, but that is a research and development area handed over from the private sector. that is where the debate takes
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place. liz: so overall instead of going into very young industries and say here, let's help this country over that one, it is helping the idea? >> research and development. one of the reasons most of us have supported research and development was whatever area or sector of our economy is it has proven to be incredibly beneficial. many national laboratories have produced incredible new technologies in defense and non-defense. you have a mature technology and you say they deserve a million dollars, that is not the role of government in my view providing tax breaks and incentives but to give them money, that is not the right answer. liz: the administration on both sides of the aisle have gone heavy into every mature industry
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year after year after year. at some point should we be in an effort to bring down the national debt looking at those? >> of it were up to me, i would get rid of them tomorrow. the one i disliked the most was ethanol. so yes, i think the oil industry, gasoline industry is doing pretty well. so i wouldn't subsidize it. liz: at all? >> no, of course not. why should we? are they hurting? liz: not at all. >> overtime if they do it right it can make energy oil independent. liz: an annual low rate from the previous 1.7%. from your perspective, what do we need to do to figure out this problem of growth? >> first of all, why is it they
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always have to revise lower? we need to, in my view, the burden the small and large businesses from the uncertainty they have right now. on this fiscal cliff. look at the sequestration, all the disasters that lie ahead. leof course we have a dysfunctional government, you want to blame republicans, democrats, it is dysfunctional. the business person out there, going to have to hire an accountant to handle obamacare and the new regulations coming down? or are you going to hire additional people? we have to give them an environment of certainty, and that means among other things a
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tax code with two deductions, home loan and charitable deductions and the rest of it you do away with. have you met an american but when support that simplification of the tax code? liz: i met a lot of lobbyists but wouldn't. but they quickly get your thoughts on defense spending. facing billions and billions of cuts over 10 years. could you sit here and say there is no where defense could cut? or are there places to do some? >> there are a lot of places that could be cut. if you take into context already cutting $460 billion in the works. this is another 480 whatever it is. you don't have to take my word for it, but these are terry of defense say it is putting our national security
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in jeopardy. the overrun of the f. 35 aircraft. it has to be done to stop them. that is the key to it. i am very worried, very concerned. they have not even plan for these cuts yet. obviously the defense industries are, but we have to have more reductions in defense spending. much more savings. some of the problems like health care cost are heating up more and more. liz: senator john mccain talk about cutting the defense budg budget. get rid of all tax deductions, leaving the mortgage deduction and the charitable deduction. coming up live from the concordia summit at the plaza hotel, first united states ambassador to iraq when iraq was
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finally liberated from saddam hussein, lot of businesses wanted to get in on that country to help rebuild it. what are the challenges? we know there were some problems. also, the u.s. ambassador to the united states coming up next. we will be back with more of "countdown to the closing bell." [ female announcer ] you want family dinner to be special. dad, we want pizza. you guys said tacos. [ female announcer ] it doesn't always work out that way. you know what? we're spending too much money on eating out anyway. honey, come look at this.
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ashley: welcome back, everybody. getting a deal to get the nfl referees back in the field, news now that the nhl has canceled the rest of the preseason as the lockout in k-12 goes on, the regular-season supposed to begin on october 11. the rest of the preseason in the
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nhl is now history. at that work dispute goes on. gold on track to make the biggest gain in two weeks over talks in china of additional stimulus, and austerity measures in spain. there you go, gold up 1.5% at 1781. gold mining stocks are also in the green today. doing very well, as is silver, which we talked about earlier. an uphill battle selling cit group anytime soon. charlie gasparino having the very latest on this story. >> i am a very stylish guy, have you seen my office? it is beautiful. ashley: really?
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>> i think it has always had expensive paper in it, i don't know. essentially decorating his office with shareholder money. $35,000 toilet. stuff like this, crazy stuff. so what i did before i went into this story about how he wants to sell the company, i just asked where is his office right now? a lot of plastic, very low key, no toilets running into the multi-tens of thousands of dollars. this could be a pretty big deal. a firm that manages small and
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midsized companies filed for bankruptcy, the financial crisis got the hard money went to bankruptcy, they lost all that money. they are now re-emerged from bankruptcy. trying to shop at a bank preferably a u.s. bank to become the head of the u.s. bank for them to buy the company now and be like the number two guy that was opposed t supposed to happek of america one. regulators have put the clamps, it is not official but they are looking down, they don't like the notion of the big systemic banks, the likely candidates, they do not want those banks to greatly expand to understand they are not in acquisition mode
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at least until next year or maybe longer, who knows. they're not in the acquisition mode for something like this. ashley: unceremoniously dumped it, lay low, just kind of floating around now he wants to get back into the big game. >> this is what bankers are telling me, bankers work in the steals all the time given with the treasury department, the fed and the firms are trying to merge and acquire and do deals with say since the trading loss at jpmorgan surprised $6 billion loss the best risk managers in the world, they have become very concerned as regulators put out the word we are going to look hard at any potential acquisition. ashley: the timing may not be the best. >> or he will have to sell to a
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foreign player, the canadian banks. this is kind of influx. not saying it will never happen. the price tag would be $10 billion plus. but as of right now what bankers are telling me, never say never but this is a tough deal for u.s. bank, think canadian, can they grow? that is one of the problems. they have to do leverage lending. getting to lower the cost of capital. some said restriction list preventing them from buying stuff, so they're in a little bit of a pickle. get out and sell your stuff, but he is shopping it. it is not redecorating an
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office. ashley: at least we hope not. the closing bell ringing in just about 30 minutes, we will head back to the concordia summit where liz claman will talk to very important guest and liz claman gives his take on the region coming up next. [ male announcer ] let's say you need to take care of legal matters.
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>> i am adam shapiro with your fox business earnings preview. we are watching from the rebound of research in motion and nike. chairs down 90% of over the last two weeks.
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the company is struggling to find its place in the smartphone market. analysts expecting a loss of 6 cents on $2.5 billion in revenue. investors should also watch how much cash on hand the company discloses. any details relating to the number of smart phones and the average selling price of their smartphones. new details on the exact timing of the launch of the blackberry 10. for coverage on research in motion and nike. after the bell we start at 4:00 p.m. eastern. now we continue our countdown with ashley webster. ashley: let's check in with nicole petallides live at the nyse. markets still hanging, 91 points. reporter: that's right. looking here at goodyear red goldman sachs and saying is saying you're going to need to replace that. up from a new perspective, stops at 3.5%.
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price target of $17, up from $12.42. the u.s. tire maker will gain from new orders like i noted and also in europe. a lower raw material costs helping the company along. another name we wanted to look at is yahoo! we are looking at yahoo! very closely ahead of what has been going on ahead of the bell. i have to tell you, that positively now, they are getting upgraded because they don't don't have the state that they used to have. as a result, yahoo! is giving an upgrade. ashley: okay, thank you very much, we now head back to liz claman where she is joined by the former ambassador to iraq. liz: yes, and he is very important. as we sit here at the summit,
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speaking unsent speaking about helpless public partnerships where business with the government and that is what we need is someone who has had extensive experience and of course, the u.s. ambassador to the united nations. he is in this general assembly right now. thank you for joining us in a fox business exclusive. you just got back from the northern region of iraq, looking for business opportunities. what did you find? >> it is stunning. i couldn't believe my eyes. twice a day in the airport, we haven't had a major terrorist incident in five years for the economy growing at 10 or 12% per year. just incredible opportunities out there. liz: the terrorist attacks in lower iraq and tell me why a business person shouldn't be careful to go in there and
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rebuild the nation? >> i think that people have to see it to believe it. it is driven by oil production on one hand. a very determined group of people who want their country to succeed. there are all kinds of opportunities, whether it is hospitality, services, you name it, there are opportunities out there. but i would agree with you that it is very hard to overcome that initial impression that people have. it is associated with iraq, it must spell trouble. liz: going back to 2003 as a rock was being liberated from the grip of saddam hussein, we also see businesses who wanted to make money and jumped in and did it for opportunity in iraq. i remember some of the names. a lot of them ended up having to back out or it was controversial or there was some fraud
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involved. you know, when he you talk generally about public and private partnership, the benefits outweigh the problems, do they not? >> yes, they do. but you do have to have security. i think the fundamental problem in 2003 is that security wasn't there yet. therefore, it became very dangerous for a lot of these companies to go and operate. one of the advantages is that it is very secure. it has become secure in the past 40 years. what i would say is that it's probably a good platform. not only for developing business but for also using it as a platform for looking at ararat. maybe you could visualize the broader rapidly that hong kong is to china. it is a platform for eventual growth. liz: let's talk about the
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controversy right now. the film based on the prophet muhammad touching off a firestorm in the middle east. it is a terrible time right now, is it not? >> tragic developments. chris stevens was a great loss. a wonderful service officer. a peace corps volunteer, he really loved to get out and meet with the people. he was such an incredible asset. a huge loss for us. but i think that we have to persist in the middle east. there is real challenges, but i think they can be dealt with. the key is interest. that is the most populous country in the arab world. it has to do the right way. is egypt going to become like pakistan or will it become like turkey? liz: what is your best guess? >> we certainly have to work on it and continue our systems programs. it would be madness to let them off. we have to have healthy
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stabilization in situations and help them build their economic linkages with other parts of the world, like ourselves, western europe and trade. in my opinion, that is the real answer. liz: americans are hurting and struggling to understand why we should give aid to the middle east. >> certainly we should give some aid. i don't think we should cut it off and the friendship that we have established with the egyptians and others. but over the longer term, i really think it is business, investments, private sector driven prosperity that is going to be the answer. in my opinion from the main thing is for our business community to see what opportunities they can find out there. >> libya, tunisia, egypt. lucrative contracts for businesses out there. will it come to the united states, in your perspective?
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you have worked for president clinton and president bush. what would you say about the best possible way for government work? >> to me, the fundamental way is to try to trade and investment. i refer back to my experience as the united states ambassador to mexico. from 1989 to 1993, which is when we renegotiated the north american free trade agreement. twenty years later, trade with that country of mexico has tripled. it is just amazing. several hundred million people across the border have been doing so everyday. this is just incredible for a development. it was all based on the north american free trade agreement that promoted much greater commerce between mexico, the united states, and also canada. >> do you feel we are on pace to have enough open trade in this country, and then there are people on both sides of the aisle to get very touchy about trade with china.
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>> i think sometimes they get a pretty bum rap. we have trade agreements with colombia and south korea and with panama. that was a very important development. colombia, a country that is just really coming through a very difficult internal war, they need that kind of trade. and they are a real model country in terms of economic development. china, we have some issues at the moment. we have some issues with russia. but in the long run, yes, i believe that further liberalize trade with the rest of the world by protecting our intellectual property and those kinds of things, we have to pursue that. liz: ambassador john negroponte. ambassador to the philippines as well. thank you very much for joining us. a perfect segue. coming up in the next hour, we have the former president of
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colombia, and he is going to be joining us to talk about what he did specifically to help turn colombia into the south america's second-largest economy. it is a great success torrey in colombia. the. ashley: great interview. very interesting indeed. we will be back with liz claman and the accordion summit in the next few minutes. when we come back, steve comes back and he will tell you where the latest investments are headed and how you can get ahead of the trend. we will be right back.
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ashley: here is your fox business market check. the dow is nicely up. typical software, information corporations, up 1.3%. betting big on the big data companies. right there, all outperforming ratings. that is why you see green across the screen. tibco software. steve told us that the economic
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situation is the biggest concern for investors. what are they betting on now the amount of people using mobile tools it has grown incredibly. >> it has probably grown at the same pace. we have seen 200,000 people on a weekly basis using this to do their business. >> that is right. whether they are transactions in or doing research or keeping up with what is going on. it is a staggering number, post about 8% of our trades per day we talked in the previous segment about engagement. i would argue that they are engaged but not active. these mobile applications and
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devices they are on have given the capability to watch things anyway they are, anytime day or night, and they can jump in and they do jump once you give them a catalyst. ashley: technology has changed everything. would you like? >> when i talk about the sectors, i'm just talking about 5.6 million clients. we watch what what they are treating them what they like and what they don't like. a lot of activity in technology. it is one of the big categories there. financials, a lot of activity there. >> really financials? >> yes,. >> a lot of the financials are rather inexpensively priced. >> so that makes it a little bit more appealing to a retail client. >> what about the other side of the equation? >> when you think about what is going on politically, it makes perfect sense. they are kind of shying away from pharmaceuticals. once the election is over, you could have a dramatically
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different landscape based on who is elected. ashley: vesper interesting. two days ago, moody's upgrading. why would you shy away, given those recommendations? >> i don't think retail clients like that level of uncertainty. they want to -- they want to make trades and investments that they have, more certainty for them. when you think about their mindset, they are talking about putting their young kids in college and retirement and the next house or that while that might get them there a lot quicker if they move up a lot dramatically, it also might get them in a position where they've not be able to do so. >> a correction in the market. is it inevitable and when? >> i don't think it is inevitable. i actually really believe -- i can't wait for this election to get past us, both personally and from a professional standpoint.
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because i think there is a lot of uncertainty. not to mention that this booklet. well maybe our politicians don't think this book with is that concerning, there is a lot of concerns about it. ashley: all right, great stuff. the closing bell closing in about seven minutes from now. we will tell you what it is when we come back and what is sparkling we asked over 3,000 doctors to review 5-hour energy
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and we'll throw in up to $600 when you open an account. ashley: let's take a look at some of the leaders on the dow jones today. big names rge, up to 3% at 2273, intel is up as well. because of the stock price, up 17 cents. coca-cola moving higher, walt disney up one .25, although a little bit of the steam coming out of the dow jones as we head towards the closing bell. moving above $6.50 per share today to a new high, the companies the io bought 4000 shares of it valued at $4000,
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this according to a filing with the sec, find sure he is having a strong there. shares are up more than 97%. look at that chart here today. very nice indeed. let's send it over to david asman. david: moving on up and moving on over. well, actually, we have lost a little bit of our grammar. sixty-six points. moments ago, and they did begin to settle down a little bit. as we mentioned, judy will be talking about that. it was up over 3%, now 2.5%. let's go to nicole petallides at the new york stock exchange for the have to remind everybody that we are expecting 90 earnings any moment. we will bring that to you any moment speak for of course, we have seen research in motion doing really well.
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it was a negative territory, but is now in positive territory. popping up over 2% right now. what is that affecting? nicole: we have seen exxon and bp to name the two also. >> financials doing quite well. we have news that is passed the pass the budget, which does call for cutbacks and other things. >> say it again, and that is exactly what we have seen. every single name in the financial industry. david: we were getting accustomed to apple losing some of its glimmer whether we didn't have the iphone sales that people thought was necessary or their battle with google. google and apple treat each other. they are threatening to kick
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google off of their iphone entirely. but apple reverse itself. up $16 today. >> 's before you are right, they did move back in the green. it's not near the all-time high. david: it is certainly moving in that direction. the bells are ringing on wall street. let's take a look at how stocks are finishing today. all three in the plus category. they lost a little bit of their glimmer, though they are still solidly in the green, as you can see, the best of all of them is nasdaq. nasdaq is up about 1.33%. 1.9 points today. let's take a look at gold as well. as we take a look at oil, gold rallying also. we have thought that some of the glimmer was off of gold, but the weaker prices tend to bring in the bargain hunters. a lot of people got into eerie heavy

Countdown to the Closing Bell
FOX Business September 27, 2012 3:00pm-4:00pm EDT

News/Business. Stock market updates. New.

TOPIC FREQUENCY China 6, U.s. 6, Iraq 6, Liz Claman 5, Colombia 5, John Mccain 4, Lifelock 4, Mexico 3, United States 3, Google 2, Nike 2, Nyse 2, Spiriva 2, Spain 2, Europe 2, Steve 2, Saddam Hussein 2, Apple 1, Charles Schwab 1, Adam Shapiro 1
Network FOX Business
Duration 01:00:00
Scanned in San Francisco, CA, USA
Source Comcast Cable
Tuner Virtual Ch. 130 (Fox Business)
Video Codec mpeg2video
Audio Cocec ac3
Pixel width 704
Pixel height 480
Sponsor Internet Archive
Audio/Visual sound, color

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on 9/27/2012